Increasing need to improve candidate hiring experience is a key factor driving applicant tracking system market revenue growth | USD 1.38 Billion in 2020, Market Growth – at a CAGR of 6.5%
The global applicant tracking system market size is expected to reach USD 2.33 Billion in 2028 and register a revenue CAGR of 6.5% over the forecast period, according to the latest report by Reports and Data. Increasing preference for automated recruitment process is driving market revenue growth.
Applicant tracking system is a software that
implements the task of short-listing candidates by selecting their resumes.
Features of this software such as scheduling interviews and candidate tracking
are helping in handling the recruitment process effortlessly. Adoption of
advanced cloud technology services which allows thousands of customers to
access similar resources help companies to cut down their expenses. Companies
are competing and adopting various strategic methods to develop innovative
products and strengthen presence in the market. Applicant tracking software
solutions assist businesses to promote themselves through brand marketing,
especially for qualified job seekers.
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Automation helps recruiters to complete the overall
recruitment process more efficiently. Recruitment automation streamlines each
step along the hiring methods, thereby allowing recruiters to gain strong
control and tracking abilities, while influencing candidates with modern
communication and up-to-date technology. It can simultaneously reduce the load
of paperwork and increase chances of obtaining the best and stable talent. It
is difficult for recruiters to keep up with all the applicants in spreadsheets
manually, however, an applicant tracking system can quickly process
applications and swiftly sort through large volumes of data, owing to
unique combination of workflow software and database apps/spreadsheet.
Industry-specific qualifiers can also be appended to check credential and
qualification adaptability.
To identify the key trends in the industry, click on
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Some Key Highlights in the Report
- Software segment accounted for a larger revenue share in 2020.
Applicant tracking software solutions collect and store resumes in a
database for hiring professionals to access. Resumes may also be stored
long after the original job one has applied for, is filled. Adoption of
applicant tracking system software among enterprises has become a central
part of the business operation, due to ease of use and high flexibility it
offers, thereby boosting revenue growth of the segment.
- On-premises segment accounted for a significant revenue share in
2020. Rising demand for cost-effective application tracking systems that
are suitable for on-premise infrastructure is expected to boost growth of
this segment. Deployment and integration of software permits archiving
maintenance and communication within the corporate sector.
- Large enterprises segment accounted for a steady revenue share in
2020. Large enterprises require a support system which can ease the burden
of hiring. Applicant tracking system software and solutions can make it
easy to receive applications, as well as store, and process these. This
system also supports compliance across multiple countries and can keep
hiring staff of these companies up-to-date with applicable laws. This
software may also help to submit reports correctly and thus avoid
penalties and fees.
- Banking, financial services, and insurance sector is moving towards
a customer-centric approach and has started adopting technologically
advanced solutions to increase interaction with consumer base through
mobile interfaces and social media platforms such as Twitter, Facebook,
and Instagram. Moreover, increased competition and heightened customer
expectations are also impacting the way banks conduct business in a
significant manner.
- Applicant tracking system market growth in North America is
attributed to rapid economic development and increasing adoption of
digital business strategies across various organizations. Furthermore,
organizations have invested heavily in advanced technologies to gain a
competitive advantage over their competitors and to improve business
operations. Faster and timely access to desired candidate related
information, along with shortage of job specific candidates are major
market growth drivers in the region.
- Some major companies profiled in the global market report are IBM Corporation, Jobvite, iCIMS Inc.,
Oracle Corporation, SAP SE, Workday, Inc., BambooHR, Cornerstone OnDemand,
ClearCompany, and Zoho Corporation.
For the purpose of this report, Reports and Data has
segmented the global applicant tracking system market based on offerings,
deployment mode, employee type, organization size, end-use, and region:
Offerings Outlook (Revenue, USD Billion; 2018–2028)
- Software
- Services
Deployment Mode Outlook (Revenue, USD Billion;
2018–2028)
- On-premises
- Cloud
Employee Type Outlook (Revenue, USD Billion;
2018–2028)
- Hourly
- Salaried
Organization Size Outlook (Revenue, USD Billion;
2018–2028)
- Small and Medium-sized Enterprises
- Large Enterprises
End-use Outlook (Revenue, USD Billion; 2018–2028)
- IT & Telecommunications
- Government and Public Sector
- Banking, Financial Services and Insurance
- Retail and Consumer Goods
- Others
Regional analysis covers:
·
North
America (U.S., Canada, Mexico)
·
Europe
(U.K., Italy, Germany, France, Rest of EU)
·
Asia-Pacific
(India, Japan, China, South Korea, Australia, Rest of APAC)
·
Latin
America (Chile, Brazil, Argentina, Rest of Latin
America)
·
Middle
East & Africa (Saudi Arabia, U.A.E.,
South Africa, Rest of MEA)
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